London is the third most expensive city in the world to live in, just behind billionaire playgrounds in the Cayman Islands and Switzerland

London also has the second most expensive public transport in the world

Luxury goods shops line Old Bond Street in Central London (Oli Scarff/Getty Images)

London is the third most expensive city to live in, coming just behind super-wealthy cities in the Cayman Islands and Switzerland.

According to figures from Expatistan, which uses crowdfunded data to create a cost of living index for a number of world cities, London comes in third in a list of cities by their cost of living, behind Grand Cayman, in the tax haven of the Cayman Islands, and Zurich, in Switzerland.

According to the figures, bound to be depressing to Londoners, London has the second most expensive public transport in the world, the third most expensive utility costs, and the fifth most expensive theatre tickets.

It's the second most expensive city in Europe (after Zurich), and, obviously, the most expensive in the UK.

By contrast, Madras in India was deemed the least expensive city to live in. The bottom end of the list was mostly made up of smaller cities in Eastern Europe.

The cheapest city in Western Europe to live in is Lisbon in Portugal, boasting a cost of living index of 127 in comparison to London's 308.

It will be little consolation to Londoners that the capital has actually dropped down the global list. In July last year, it occupied the number two spot, but has since been overtaken.

By contrast with other UK cities, London is significantly more expensive - 36 per cent pricer than Manchester, 38 per cent more than Glasgow, and 40 per cent more than Belfast.

Grand Cayman, the largest island of the Cayman Islands, is mostly covered by the capital, Georgetown (David Rogers/Getty Images)

After London, the most expensive UK city is Aberdeen - which has notoriously high rents and prices due to it being a centre for Britain's oil industry in the North Sea.

While an interesting insight into skyrocketing prices in London, the new figures prove nothing new.

The Independent reported in June that London rents were now more than double the national average, and in May is was announced by forecasting group Oxford Economics that it was likely the average home in London would cost £1 million by 2030.

Fortunately, newspapers covering London rent prices will have more to write in future - a study conducted by Liverpool Economics on behalf of four London borough councils found that the Government's plans to sell off more council homes through an extension of the Right to Buy scheme would drive rent prices up even further.